DES MOINES, Iowa (Agriculture.com)--Global weather concerns have helped the CME Group soybean markets, as corn and wheat futures trade higher Tuesday.
At the open, the March futures corn contract is trading 5 cents lower at $7.15. The March soybean futures contract opened 18 cents lower at $14.18. March wheat futures opened 10 cents lower at $7.64 per bushel. The March soyoil futures contract opened $0.42 lower at $51.67. The March soymeal futures opened $7.10 per short ton lower at $409.30.
In the outside markets, the NYMEX crude oil is $0.71per barrel higher, the dollar is lower and the Dow Jones Industrials are 70 points higher.
A wetter forecast for Argentina's growing soybean crop is trumping the 510,000 tons of U.S. soybeans sold to China Thursday.